Twitter Revisited

I wrote about Twitter a little over two years ago. The stock went public at $26, rose to over $70, and now trades around $17. This is what I wrote:

Twitter is another example of the kind of absurd trading that is occurring again in the U.S. There is no conceivable way to justify this type of valuation unless you stretch logic to the extremes and imagine a scenario where Twitter some how takes over the world and everyone starts using it and maybe pays to use it or becomes engaged by the adverti...